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NDB powers first-ever Northern Province wind power projects

29 January 2015 04:09 am - 0     - {{hitsCtrl.values.hits}}

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NDB granted two long-term facilities worth Rs.3.3 billion towards the construction and commissioning of two wind power projects in Vallimunai and Puloppalai of the Killnochchi district.

 

The two projects Joule Power (Pvt.) Limited and Beta Power (Pvt.) Limited were commissioned in December 2014, and are the first-ever wind power projects set up in the Northern region, following the cessation of the 30-year internal conflict.

The establishment of the two wind power projects is expected to support the economic development in the Northern region, where industrial activity has been thwarted due to the lack of connection from the national power grid during the conflict.


Commenting on the bank’s involvement, NDB Chief Executive Officer Rajendra Theagarajah said, “Both these projects are of national importance and will give the opportunity for NDB to contribute to the infrastructure development of the country. With the Sri Lankan economy growing steadily along with revived economic activities, the demand for energy has increased significantly.


“A reliable source of power is a necessity to re-energize economic activities in North and East. Therefore, we see this pioneering effort as both vital and timely for the nation’s economic growth agenda. As a bank dedicated for national development, we are pleased to be able to contribute towards this national endeavour.”


Commenting on the two projects Joule Power and Beta Power Chief Executive Officer Manjula Perera said, “These two new projects will add approximately 60 GWh green energy annually to the national grid, and also will electrify approximately 100,000 houses while supporting the much- needed economic development in the Northern region.”Sri Lanka’s energy demand grows at approximately 8 percent annually.


NDB in its development banking operations have played a significant role by financing several mini hydropower projects and wind power projects, under several dedicated credit lines. With over three decades of project financing experience and in-house legal expertise available; NDB not only plays a role of financial partner in these projects, but act as a project partner where advice on project management and legal aspects are also made available to the promoters.NDB is one of the fastest growing banks in the country with NDB group having regional operations in Bangladesh.
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